Often people buy child insurance plans thinking that it is the only solution for securing child's future. But that is not the case. To start with you should -

Buy a Term insurance plan. Check out the popular online term plans such as Aviva iLife, HDFC Click 2 Protect, Aegon iTerm and buy one immediately. Take a minimum cover of at least 15 times your annual salary and for the longest available policy term.

Then you should take a comprehensive health insurance policy for yourself and your entire family. Be sure to take a sufficient amount of cover given the increasing cost of medical treatments.

Then start making regular savings in endowment insurance plans, bank fixed deposits, PPF, gold and other such financial instruments which offer guaranteed returns even though it may appear to be at a low rate. The idea is to put your money into some place which will provide returns for sure.

If you have surplus money, then you can look at equity products with some proper financial advice from certified professionals.